The case between Ripple and SEC seems to be nowhere near a settlement. In the last few months, both parties have been going back and forth since the case started. Right now, Ripple has filed a motion asking that the SEC should produce documents related to Bitcoin and Ethereum.
Ripple alongside two of its executives was sued by the SEC on December 22, 2020, for selling unregistered security to investors. The company was accused of failing to register XRP as security and making more than $1 billion from the sales. Since then, both parties are yet to reach a settlement over the case.
In the latest motion filed by Ripple, it asked that the SEC should produce Bitcoin and Ethereum document since they are very similar to XRP. The lawyers representing the crypto company CEO and Cofounder said that the SEC has failed to present the requested documents. However, the SEC has responded, claiming that the motion has nothing to do with the ongoing case.
XRP Holders Volunteers to Join in the Fight Against Ripple
It is not clear what the SEC’s motives are regarding its case against Ripple. It appears that the regulatory body is lost in the case as many people have referred to the lawsuit as a mistake. For instance, the SEC filed a motion last week demanding for the personal financial record of the charged executives from eight banks.
The CEO, Brad Garlinghouse and co-founder Chris Larsen responded that SEC’s request is irrelevant after the regulator also asked for a record of their weekly expenses. In the last one year, Ripple has been involved in several lawsuits. Just last week, it settled its lawsuit with YouTube over an XRP scam video.
Although XRP suffered a great loss since the SEC served Ripple the lawsuit. However, amid the tumultuous events, XRP has managed to hold up a market dominance of about 1.26%. In a recent report, more than 6000 XRP holders have volunteered as third-party defendants in SEC lawsuit.